The following statistics are presented comparing December 2019 to December 2021
(Jan 21, 2022) Utah’s nonfarm payroll employment for December 2021 increased an estimated 3.7% across the past 24 months, with the state’s economy adding a cumulative 59,200 jobs since December 2019. Utah’s current employment level stands at 1,646,900.
December’s seasonally-adjusted unemployment rate is estimated at 1.9%, with approximately 31,800 Utahns unemployed. Utah’s November unemployment rate is unchanged at 2.1%. The December national unemployment rate continued to decline, registering 3.9%.
“As Utah’s economy progressed through 2021, the most striking theme was dwindling labor availability,” reported Mark Knold, Chief Economist at the Department of Workforce Services. “Each month the unemployment rate moved lower and lower, finally sinking last month into historic territory. The state’s unemployment rate is now below 2.0% for the first time ever. This is uncharted territory in terms of such a low unemployment rate and gauging how much lower it can conceivably go.”
Utah’s December private sector employment recorded a two-year expansion of 5.0%. Eight of Utah’s 10 major private-sector industry groups posted net two-year job gains, led by Trade, Transportation and Utilities (22,300 jobs); Professional and Business Services (15,200 jobs); Construction (11,500 jobs); and Manufacturing (7,900 jobs). The two industry groups with less employment than two years ago are Natural Resources and Mining (-800 jobs); and Other Services (-200 jobs).
Largest private sector gains in the past two years:
Trade, Transportation and Utilities: 22,300 jobs
Professional and Business Services: 15,200 jobs
Construction: 11,500 jobs
Manufacturing: 7,900 jobs
Largest private sector losses during the past two years:
Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.
Listen to Chief Economist Mark Knold shares his analysis of the December 2021 employment report: